Good day, and thank you for standing by. Welcome to the Ferrari 2025 full year results conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star one one on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Nicoletta Russo, Head of Investor Relations. Please go ahead. Thank you, Nadia, and welcome to everyone who is joining us. Today we plan to cover the group's full year 2025 operating results, and the duration of the call is expected to be around 60 minutes. Today's call will be hosted by the Group CEO, Mr. Benedetto Vigna, and Group CFO, Mr. Antonio Picca Piccon. All relevant materials are available in the investor section of the Ferrari corporate website, and at the end of the presentation, we will be available to answer your questions. Before we begin, let me remind you that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the safe harbor statement included on page 2 of today's presentation, and the call will be governed by this language. With that said, I'd like to turn the call over to Benedetto. Thank you, Nicoletta, and good morning and afternoon to all of you. We just came back from San Francisco. Why, why is this opening chart showing the Transamerica building of San Francisco with the red tip and the bright light on the dome? Well, it was exactly this, the building, where we have been showing to journalists from all over the world, the interiors of the Ferrari Luce. This is, this is the name of our visionary, new full electric sports cars. It testifies to Ferrari's determination to go beyond expectations, to imagine the future in two days, because leading means illuminating the path ahead, and Luce embodies that mindset. We picked this place for three reasons. The first one is because of the tight link between San Francisco and Italy. It was that building, this building, it was the headquarters of Transamerica, a company founded by the Italian Amedeo Peter Giannini, that was also founder of Bank of America, and this building is located in Little Italy in San Francisco. Second, because of the closeness to our partner, LoveFrom, whose headquarters is just a few steps away from the Transamerica building. And the last one, the connection with the name of our Ferrari Luce. Indeed, the crown jewel that you see at the top of the building is a strong 6,000-watt light that turns on only on special occasions, and this was definitely a special occasion. Everyone, everyone over there appreciated a lot of the specific focus on this second step of the Ferrari Luce reveal, so that all, all the innovation could be properly valued and understood. 2025 has been a remarkable year for our company. It has been a year of consistent execution and a year of new beginnings, a year of new commitments, and a year of strong innovation, during which we launched six new sports cars, a clear testament to our horizontal product diversification and technology neutrality strategy. This included the long-awaited Ferrari Luce, which marks a new chapter in our history and allows us to look confidently toward the future. So let's go, let's go in order. 2025 marks the conclusion of our previous business plan. With all financial targets, including share buyback plan, achieved one year ahead of schedule, and it marks also the outline of our new strategic plan. On October 9, at our Capital Markets Day, here in Maranello, we shared with you our plans for the future, underlining once more the uniqueness of our brand, and we presented all, all the initiatives designed to drive our brand's success till the end of this decade and beyond. In sports cars, in 2025, on top of the Ferrari Luce, we have further enriched our product lineup with 5 new models, encompassing internal combustion engine and hybrid powertrain. Just think about the 8-cylinder Ferrari Marze, a blend of elegance and powers, the hybrid high-performing 849 Testarossa coupe and spiders, and hybrid 296 Speciale and Speciale Aperta, a new benchmark for driving thrills. Clients are at the center of what we do, and they represent the most important asset of our business model. Indeed, client centricity starts with the craftsmanship and quality of our products, continues through the high level of tailoring we are able to offer, it comes to life in the unique experience we design and deliver for our clients all over the world. Our client centricity approach also resulted in the reintroduction of a more physical interface, a steering wheel with mechanical buttons, which leads to an enhanced driver experience. Indeed, we believe that humanism of technology is key for all, all our sports cars to deliver an enhanced experience for our clients, and this is also evidenced by the interiors of our Ferrari Luce. In racing, in racing, the 499P Hypercar secured us the 2025 FIA World Endurance Championship. Ferrari won both the world manufacturers and drivers titles, 53 years after our last world title and after only three years since our return to the top class of endurance racing. I was in Bahrain with the team, and I will always remember the emotion of winning such championship. This is a demonstration that when we in Ferrari work united and cohesive, we can achieve extraordinary results. In lifestyle, 2025 has been a year of solid progress and commitment to provide our clients with an exceptional luxury experience. Client activations continued to be successful and a critical driver for engagement and acquisition. Also the growing desire for experiences is confirmed by new attendance records at our museum. In 2025, the museum that we have in Maranello and Modena welcomed almost 900,000 visitors. What we achieved together with all our stakeholders is also translated into our strong financial results, reaching new records across all metrics. One, revenues over EUR 7.1 billion. Two, double-digit growth in EBIT, which reached over EUR 2.1 billion. And three, an industrial cash flow generation surpassing EUR 1.5 billion. Everything, everything I've mentioned so far has been made possible thanks to the passion and dedication of all the colleagues in Maranello, in Modena, and all over the world. And to reward their achievements, and as a direct reflection of the company's performance, a strong alignment with its people, I'm pleased to announce the yearly competitive award of up to EUR 14,900 for all- for our employees in Italy. The solidity of our business is underpinned by demand dynamics and the visibility we have. The momentum for our brand remains strong, with a solid order book, which extends toward the end of 2027, and the net order intake supporting further visibility, notwithstanding the persistent uncertainty in the global environment. In addition, residual values are stable and solid, as evidenced by the recent auctions, which achieved strong valuations. They keep on being for us a structural foundation for value and brand discipline. Now let's look ahead to 2026, and let me outline our priorities for this year. In sports cars, a key focus will be the complete introduction of the Ferrari Luce in our product range. In San Francisco, we made further progress with the reveal of the interior concepts that offer a tangible insight into the design philosophy behind the model, where innovation meets craftsmanship and cutting-edge design. You can read many positive comments of journalists from all over the world who were with us, but there is one in particular I will always remember. He said, "You have blown all of us away, and you couldn't have selected a better name for this car and a better place for it." In May, the journey will culminate with the third step, the world premiere of Ferrari Luce. We selected Rome, May 25, as the day for the final reveal of Ferrari Luce, as on the same day in 1947, the Ferrari 125 S, the first Ferrari of our founder, secured its first victory with driver Franco Cortese, who, by the way, said, "If you were used to 4 and 6 cylinders, these 12 cylinders feels like an electric motor. It revs very easily." And beyond the completion of unveil of Ferrari Luce, in 2026, we will continue to enrich our product offering with 4, 4 exciting model launches. On the industrial side, the construction of new paint shop will continue as planned, and all our sports cars will be tested on the Vortex. In racing, here we confirm our commitment and effort in the World Endurance Championship with our 499P Hypercars. In Formula 1, building on the lessons learned from a tough past season, we face the challenge posed by the new regulation with unity and confidence in the team. We step into this new phase with a very clear mindset: to be realistic, to be disciplined, and to improve continuously. In 2026, we will also continue to progress in our sailing adventures. With Hypersail, we are preparing a revolutionary boat for an unprecedented new sporting arena. Our boat will touch water before year-end. In lifestyle, in 2026, we will continue to execute our strategy with consistency and sophistication. Here, the team will be focused on the opening of two new flagship stores in iconic locations. In London, in the first part of the year, in New York, in the second part of the year, conceived as immersive backdrops for client activation and designed to further enrich the Ferrari offering of products and experiences. On the financial side, Antonio will be very clear about our target for 2026. Let me emphasize, that 2026 represent a further milestone in our journey toward 2030, another year of growth, which will mark continued progress in line with the ambition presented at our Capital Market Day. We look ahead with discipline that is required in the current context, and with confidence in the long-term opportunities that lie ahead of us. Now, I hand over to Antonio to review the fiscal year 2025 results. Thank you. Grazie, Benedetto, and good morning or afternoon to everyone joining us today. In 2025, we posted solid growth, expanded our margins, and kept on investing on our future, while navigating the complexities of today's world. All our business dimensions positively contributed to growth. Within sports cars, the overall mix continued to improve compared to the prior year, despite the gradual phase-out of the Daytona SP3, and allow us to manage the US tariffs evolution, limiting its dilutive impact. We grew our revenues from racing, thanks to new partnership and leveraging the extensive work on both the composition and contribution of our sponsors. For lifestyle, the growth pace was the right one, as we continued to invest on its development. In Q4, a cost base, lower than anticipated, and a better product mix, drove us to exceed our 2025 guidance. The cost base were further improved by an R&D government grant received before year-end, and reduced racing expenses related to the fourth position in the Formula One 2025 championship ranking. Finally, it's worth reiterating that we reached the 2026 financial targets outlined at the Capital Markets Day of 2022, one year in advance, along with the conclusion of the EUR 2 billion share buyback program. Seven, we give an overview of our shipments in 2025, which were deliberately kept flat year-over-year, and our product portfolio evolution as we enter 2026. To be noted that in the year just ended, the 12Cilindri family ramped up and reached global distribution. The SF90 XX family reached its peak, and the Daytona SP3 concluded its limited series run in Q3, while the first few units of the F80 were delivered in Q4. We anticipated in the last earnings call that in the second half of 2025, we started a significant changeover of models, which will be evident over the next quarter. Indeed, this year, we have seven new models, a record number, which enter the production and distribution phases, and will shape the pace of our deliveries and their geographic allocation throughout 2026. Namely, the families of the 296 Speciale and the 849 Testarossa will take the place of the 296 and the SF90 families, while the Amalfi will succeed the Roma. In addition to that, the F80 has started its ramp-up phase, and the Ferrari Luce will begin its deliveries in Q4. On page eight, the net revenues bridge shows an 8% growth versus the prior year at constant currency. This translating to a 7% growth, including the headwind from currency, mainly related to the US dollar and the Japanese yen. The increase in cars and spare parts was driven by the richer product and country mix, as well as higher personalizations, partially offset by lower deliveries of the Daytona SP3. Personalizations accounted for approximately 20% of total revenues from cars and spare parts, and were particularly relevant for the SF90 XX family and the Purosangue, driven by the adoption of carbon and special paints. Sponsorship, commercial, and brand also had a relevant increase, thanks to higher sponsorship and the improved performance of the lifestyle activities, as well as higher commercial revenues linked to the better prior year Formula 1 ranking. Other revenues were positive and driven by sport-related activities and financial services. Moving to page 9, the change in EBIT is explained by the following variances. Volume contribution was substantially flat, with a slightly positive change being due to spare parts. Mix and price was visibly positive, thanks to product and country mix, supported by Americas, increased personalizations, and higher sales of the 499P Modificata. In detail, regardless of the like-for-like comparison base and the phase out of the Daytona SP3, the product mix was strong and sustained by the higher end of our product offering with the SF90 XX and the 12 Cilindri families. Industrial costs and G&A were both lower, partially offset by higher racing and sports car innovation expenses. SG&A increased as a result of higher racing expenses and brand investment, as well as of our organizational and digital infrastructure development. Other was also positive, mainly thanks to racing and lifestyle activities. Percentage margins strengthened in the year, despite the dilutive impact of the increased U.S. import duties and the headwind from the U.S. dollar and the Japanese yen devaluation, with EBITDA margin of 38.8% and EBIT margin at 29.5%. Turning to page 10, our industrial free cash flow for the year surpassed EUR 1.5 billion, an increase of roughly 50% versus last year. This was supported by the increase in profitability and a positive change in working capital, thanks to the collection of F80 advances. A partial offset came from capital expenditure, focused on product and infrastructural development, with the latter being mainly represented by the ongoing construction of the new paint shop and the completion of the new E-Vortex track, and net cash interest and tax payments, reflecting the evolution of the patent box regimes. The remarkable industrial free cash flow generation for the year allowed us to increase the shareholder remuneration by roughly 30% to over EUR 1.3 billion, between dividends and share purchases. Moving to page 11, we outline our 2026 targets. We expect 2026 to be another year of consistent growth based on the following assumptions. On sports car, we will execute our planned model changeover through the year, which will lead to a further positive product mix, supported by the F80 and new model ramp up, regardless of the lower deliveries of the SF90 XX family and the 499P Modificata. On a comparison basis with 2025, we anticipate a stronger product mix variance in the second half of the year. Personalizations are currently expected to stay around 20% of cars and spare parts revenues. The evolution of sponsorships and lifestyle activities will further support the top line growth. The increased investment in developing the brand and the lifestyle retail network, as well as racing and digital transformation expenses, will drive higher SG&A. And finally, depreciation and amortization will also be higher, in line with the start of production of new models. As to the bottom line, we expect the effective tax rate to be around 23%, as we keep on benefiting from the current patent box regime only. The underlying assumption for the US dollar exchange rate is of about 1.20 against the euro, resulting in a headwind compared to 2025, including hedges. The industrial free cash flow generation will be sustained by our profitability, partially offset by CapEx, slightly higher than in 2025. Today's strong results testify the uniqueness of our business model and the flexibility inherent in it, which continue to provide us with strong visibility and confidence in our future, despite the ongoing challenges posed by the global scenario. Thanks for your attention, and I turn the call over to Nicoletta. Thank you, Antonio. Nadia, we are now ready to take all the questions. Thank you very much. Thank you so much. Dear participants, as a reminder, if you wish to ask a question, please press star, one, one on your telephone keypad and wait for your name to be announced. To withdraw a question, please press star, one, and one again. Please stand by while we compile the queue. This will take a few moments. Now we're going to take our first question, and it comes from the line of Ed Aubin from Morgan Stanley. Your line is open, please ask your question. Yeah, good afternoon, guys. Thanks for taking my questions. So I have two questions. The first one, please, on the margin beat in Q4. Antonio, you talked about the guidance for 2026, which you expect your operating margin to be flat to up, and you gave some brief indication on the phase-in. So should we understand that your operating margin should be flat to down year-over-year in H1, and then up in the second half? And related to that, if you can come back on the growth and net impacts on the FX. And then my second question would be on the ramp-up of the F80. Are we right in understanding that it could kind of follow a similar pattern than the Daytona? If that's the case, I think on my calculation, I think we implied about 200 units. Yeah, 136 and then 2.4 in year three. If you could comment on that, that would be very helpful. Thank you so much. Thank you, Edouard. So, Antonio? Yeah. As to the margins, I think what we can tell you is that the... Well, first of all, margin beating Q4, I think I have explained lower cost base, and I mentioned what is driving that. ... And then the positive impact of the product mix that has been slightly better, driven by the number of the 12 Cilindri and the SF90 XX that have been delivered in the last quarter. And what we can tell you about 2026 is that we expect the mix to be compared to 2024, to be stronger as a variance in the second half of the year. And the SH cycles is clearly next year, not yet at full global distribution, but we expect to have a steady improvement over the course of the quarters. Thank you, Ed. Now we're going to take our next question. Thank you. The question comes line of José Asumendi from J.P. Morgan. Your line is open. Please ask your question. Thank you very much, and congratulations, Antonio, for a strong end of the year. Two questions, please. Can you comment on 2026 on your guidance? Are you expecting mix and pricing to offset higher SG&A and higher industrial costs and R&D as a bucket, basically mix and pricing to offset the other headwinds, which include SG&A, industrial costs, and R&D? And then the second question, can you comment, please, on CapEx and R&D expenditure in 2026? Thank you. Yeah. We do expect mix and price to more than offset costs. With respect to CapEx, I think we expect it to be slightly higher compared to 2025, as I just mentioned before. And with respect to R&D, we expect R&D expense to the P&L. Once again, we expect them to be pretty stable, with maybe an element of volatility that might be related with expenditure in the, in Formula 1. So these innovation expenses due to the new technical regulations and the allowance that are granted to the teams, with respect to the financial regulations for 2026. Thank you. Thank you. Now we're going to take our next question. The question comes from the line of Monica Bosia from Intesa Sanpaolo. Your line is open. Please ask your question. Yes, good afternoon, everyone, and thanks for taking my questions. The first one is, if you can share with us which are the models that are driving your order book the most, if you can share with us? And if you have already seen an impact in term of new clients from the Amalfi. Thank you very much. Thank you, Monica. The models that are driving the order book are the models that we announced, that we unveiled last year. This is true for the 296 Speciale, for the Testarossa and Amalfi. Number two, yes, we see that for the Amalfi, we see a new client, new to the brand, approaching us. We have done a deep analysis, and we see that several clients are coming from some specific brands that like the performance and the elegance of our car. Perfect. Is there any differences in terms of the geographical distribution as for these new clients? There is a difference. Thank you very much. There's a good point. There is a difference because we are showing the Amalfi with some time delay in the different countries. So where the country has been already, the car, sorry, has been already shown clearly, the people could see in reality, the car. When you see in reality the car, and this is true for all the car we make, is much different than when you see on the display. So it's a matter of- Oh. I would say, as the time goes and we show the car, we see more and more interest from the people. Thank you very much, Benedetto. Thank you. Grazie, Monica. Thank you. Now we're going to take our next question. It comes from the line of Stephen Reitman from Bernstein. Your line is open. Please ask your question. Yes, good afternoon. Thank you. Two questions, please. Could you give a bit more detail on the level of F80 shipments in the final quarter of last year? And secondly, on residual value trends and also the used market and just dealer attitudes, could you comment on what's been going on? I understand that there's been quite a noticeable pickup in used vehicle sales in the U.K. after you throttled back shipments by about 30% in the U.K. market of new cars in 2025. And also, what is the state of... Are you or constantly obviously monitoring your dealers, what is the, what is their level of confidence in the brand? Thank you. Okay, I start from the first one. The level of confidence of the brand is very strong. We see the strength of this confidence. I mean, is strong as it was. So actually, I have to say that in the second part of the year, there has been even a strengthening of it because they saw a lot of innovation coming with different products. When it comes to residual value, well, I would like to say, to remember, Stephen, two things, is stable and solid. Okay? The residual value is stable and solid. We said that already the U.K., the residual value is stabilizing, also because we have been, you remember well, we reduced the shipment. When it comes to the detail of F80, I would like to underline one point. One, we started the production as planned. Two, we shipped a few unit in Q4, and this unit ended in the hand of customers all over the world, but we don't want to be specific, to tell how many units have been shipped to whom. What I can tell you that in Asia, in U.S., in U.K., and in Middle East, there are people that are enjoying our F80. We know because there actually some people even enjoying on the snow. If we look at, you did give some guidance. You said that supercars and Icona were about 1% of your overall shipments. So if we simply do the math and even take into account rounding errors or so, something like that, that still takes us maybe potentially to probably at most 200 units, including obviously a 177 of the Daytona SP3. Would that be a correct way of thinking about things? Look, I don't want to comment about specific numbers. I think that the percentage are a good representation of the reality, but I think you know what is the pattern of our supercar and Icona, you can make some assumption, but I don't want to be specific on the number of car we ship and where we are gonna ship F80. Exactly. Understood. Thank you. Thank you, Stephen. Thank you. Now we're going to take our next question, and it comes to line of Horst Schneider from Bank of America. Your line is open. Please ask your question. Yes, okay. Good afternoon, thanks for taking my question. First one is on foreign exchange rates. So maybe you can provide some indication what's gonna be the impact on the bottom line this year? And my question would be also, if you consider maybe pricing FX to customers. I know you don't do that so far, but maybe you consider doing that. And the second question would be about the CO2 targets. We had this proposal from the EU Commission in December, and they maybe relax the target. There's no ICE ban anymore maybe in Europe. Does that change any of your plannings, maybe, on projects that you say maybe in two, three years, you can have, again, less BEVs, and instead you have more PHEV or more ICE vehicles even? I mean, de facto just in Europe, there is emission regulation left in the US, if we don't have any CO2 regulation anymore. So therefore, I think it comes back to the ratio also you guided for the CMD. Thank you. Thank you, Horst. Let me a little bit straight. We had an introduction in this speech, talking about Bank of America. You are from Bank of America. Exactly. Thank you for that. Thank you. You did not say even a word. Anyway, in any case, we'll give you... In any case, we'll give In any case, we'll give you the answer, okay? No, I, I think the second one, Antonio, will manage the first one, Horst. Joke aside, apart, I think that, when we have all this meeting on EU Commission, whatever, there is a person in this company called Elisa, that, me, Antonio, and other people talk to, because she can tell us exactly what is the story behind. Because if we read the newspaper or whatever, we do not understand it correctly. As of now, now, there is no change for us for... Let's say there is no change in terms of regulation for us, fact number one. Fact number two, we do not change anything on our plans. So we stick to the plan that we have been showing with you. For the effects, Antonio will. Yeah. Based on the assumption I outlined before, meaning with the US dollar at 1.20 against the euro, and with the current spot rate for the Japanese yen, we are assuming, as of now, considering the hedge, the hedges that we have in place, that we have built over the last 12 months on a rolling basis, to have a headwind of about EUR 200 million, that are already in the numbers we have been giving to you. Well, and do you consider pricing that or because you don't do that in general? There's the flexibility that we have contractually. We haven't assumed to use it in the numbers we gave you. Okay, excellent. Thank you. Thank you. Now we're going to take our next question. The question comes from the line of Thomas Besson from Kepler Cheuvreux. Your line is open, please ask your question. Thank you very much. I have two questions as well, please. The first one, coming back to your Q4 average selling prices that were high, I understand you don't want to give the exact number of F80. Can you help us maybe with the share of XX products or the DC cylinders that were there, explaining the strengths of ESP, given that I also noted your hybrid share was, I think the lowest in two or three years in Q4, and typically they tend to have higher prices than the average car. That's the first question. And the second, could you please talk about the F1 related headwinds for 2026, because of both the new regulation and last year's ranking? Thank you very much. Antonio, I think you can manage both. Yeah. Absolutely. Q4 ASP, in terms of the impact of the XX and the DC cylindric, I just mentioned that these were higher compared to our expectation, and this has been managed in relation to the changeover. Honestly, I don't wanna give you- I don't wanna go into the details of the percentage of the units that we sold. Not extraordinary though, just higher compared to what we had previously expected. F1 headwind, we have put in the numbers the... Sorry, in the number, yes, the assumption that we know as of now, based on current budget caps, both chassis and power unit. We usually expect to have a seasonality that is stronger in Q1 and Q4, but being the year completely new in terms of technical regulation, we retain a bit of flexibility in this respect, and this is the volatility I mentioned before with respect to the application of the financial regulations in 2026. ... Thank you very much. Thank you. Now we're going to take our next question. The question comes from the line of Andrea Balloni from Mediobanca. Your line is open. Please ask the question. Yes, good afternoon, everyone, and thanks for taking my question. A couple. The first one is about geographies. If my math is correct, deliveries to the U.S. decline a little bit more materially in Q4. That was a measure put in place in order to address any potential decline in reasonable value, but now you've mentioned to be pretty solid, or is something else about this market? And my second question is about sponsorship, which were quite supportive last year. What should we expect in 2026? Thank you. I think these are two questions that Antonio can manage, so- Yeah. Geographic mix. I mean, the Americas going down has nothing to do with the strength of the demand. It's just model changeover, and you will see it further in 2026. The second one, sponsorship in 2026, we expect, as I mentioned before, to have a further support to revenues and EBIT growth. Thank you. Thank you so much, Andrea. Now we'll proceed with our next question, and it comes to line of Martino De Ambroggi from Equita. Your line is open. Please ask your question. Thank you. Good afternoon, everybody. One question on the free cash flow. So clearly understand the CapEx slightly higher, I suppose below EUR 1 billion, but net working capital is expected to have a positive contribution for down payment also in 2026 or not? Just to understand the strength of the free cash flow. And the second is on the EBIT bridge, because in 2025 the block referring to other items was up EUR 110 million. If you could elaborate on what is your expectation for 2026 on this block, although it is probably more difficult and a mix of different drivers. Thank you. Yes, on free cash flow, CapEx higher, you're right. Net working capital, we expect it to be more neutral compared to 2025, because this year we had the very important impact of the advances collected on the F80. On the EBIT bridge for 2025, I would expect this to be positive once again, due to the support, as I mentioned before, from both... but mostly, I would say from sponsorship and racing revenues, generally speaking. Okay, so net working capital, in any case, not negative. There is not a reversal of the trend. There is a reversal, but I would expect other components to come to compensate. Okay, and very last, Q1 and Q2, should we expect a flattish year-on-year performance, or in any case, We don't go into the level of detail as of now. We'll see as we go. Okay. We were thinking with Antonio to give a yearly update. Okay, so we stay with second half better than first half. Okay, so thank you. Ciao. Thank you. Ciao. Now we're going to take our next question, and it comes from the line of Tom Narayan from RBC. Your line is open. Please ask your question. Yes, Tom Narayan, RBC. Thanks for taking the questions. I wanted to drill down on the FX, if I could, the guidance for 2026 EBIT. I think you said a EUR 200 million euro impact. The Q4 bridge had a negative EUR 25 million impact. I think the dollar saw its biggest depreciation in Q4 2025. If I annualize that, I get a EUR 100 million. I know the yen is another factor, as is the reversal of those hedges, but it just seems like EUR 200 million is really high, considering those. Maybe we could just drill down that a little bit, to better understanding that. And then I realize it's a floor, but how should we think about the long-term guidance you guys provided, at the October Capital Markets Day? Is it, I mean, now more likely feel you'll exceed that floor? You know, you're calling for 7% EBIT growth for 2026. Even with those FX headwinds, the Capital Markets Day called for 4% EBIT growth of 6%. Thanks. Tom, I'll take the second one, and then for the FX, Antonio will be very precise. When we gave the visibility for 2030, we gave visibility after 60 months. If I go from October 9 until February 10, it's only 4 months. So if we change visibility because 4 months are gone after 60, in your shoes, I would be worried. So we stick to what we gave you on October 9, and we feel comfortable about the number that we shared with you at that time. For FX, Antonio can comment about- Sure ... the EUR 200 million impact. Hi, Tom. Yeah. When we speak about the foreign exchange impact on the EBIT, we always take into account the element of hedging, that obviously you can't see, but that we built in terms of position over time, so on a monthly basis, and having in mind a horizon of 12 months. So when you look at Q4 2025, we had the positive impact coming from the hedges put in place basically between the end of 2024 and the beginning of 2025. When we look at 2026, we do not have the benefit of hedges put in place at that rate. At the time it was 105 or in that region. Nowadays, during the course of this year, we've been starting building position from 115 on, in terms of... So the impact is clearly much more negative. Hope this helps. Okay, just, just to confirm, so that means, does that mean that the hedging piece is a greater negative impact than just the, the FX rates? Compared to 2025, yes. Yep. Does not offset the negative coming from the spot rate. Got it. Okay, thank you. Okay, thanks. Yeah. Thank you. Now we're going to take our next question, and it comes from the line of Michael Tyndall from HSBC. Your line is open. Please ask the question. Yeah, thanks very much. Mike Tyndall from HSBC. Two questions, if I may. I guess the first is sort of touching on what Tom was talking about in terms of 2030. Antonio, when you think about from here to 2030, is 2026 the toughest year in the plan? You don't have the full allocation of F80. You've got lots of model changeovers. You've got F1 cost inflation. You've got FX. Does this... In your mind, is this the toughest year, or are we looking at something-- Are you seeing something later on that we're not seeing? And then the second question, I'm gonna ask, but I suspect I'll get told I, I have to wait. Benedetto, have the repeaters already seen the Luce in its full glory? If so, you know, any indications on what their, their thoughts are, their indications? Because I'm guessing the way you operate, you've done it in fairly close communication with them. Fascinated to know what the die-hards are thinking about that product. Thanks. Thank you. I'd like to comment that the client did not yet see the Ferrari Luce in full glory. They see only the internal glory, let's say, the interiors. To see the full glory, I think we have to wait 25th of May, as I said before, so the unveil process will be complete end of May. What I can tell you is that the indications are very positive. The people were, as I said, some of them said, "We are-" Some people attending over there said, "We are extremely happy because you-- because we are the only one to have all the motorization." And what I like is the we. They were talking about them being part of the community, no? They were not saying you. For the price, clearly, we have a price in mind, but this will be shared after the complete unveil process, like we are doing for all the model, since ever. The other question, to complete what I told Tom before, you said, in the first part of your sentence, you gave for granted that 2026 is the toughest year in the plan, and then you made us a question. I think that's what we have been always saying, and Antonio was very clear also in his part in the presentation Capital Markets Day, that the business plan is stable and linear. So, Mike, don't take this hypothesis that 2026 is the toughest year in the plan. Got it. Thank you. 2026 is a year of growth. Remember this. Thank you. Got it. Thank you. Now we're going to take our next question. It comes line of Anthony Dick from ODDO BHF. Your line is open. Please ask your question. Yes. Hello, thanks for taking the questions. The first one is a quick technical one on the Q4. You mentioned two tailwinds on the R&D side, the government grants, and the lower F1 ranking. Could you please give us the magnitude of those two impacts? And do you still expect to receive a government grant in 2026 also? My second question is on something else you mentioned, and I hadn't heard before, was the spare parts business. Could you just remind me, actually, what that represents for you, and what is driving the increase on the spare parts and how relevant it is for your business? And the last one I would have is on the cost side. You also mentioned lower costs here, so just trying to kind of understand the drivers. Maybe actually just a quick last one on ASP. So I know you won't provide the F80 deliveries, but I was wondering if there was anything also else that drove the ASP increase in Q4, other than the SF90 XX and the 12-cylinder, maybe tariffs impact, or also if, you know, the F80 contribution offset or was larger than the Daytona SP3 contribution last year. Thank you. Thank you, Anthony. I take the second one for the spare part. And the answer, when you say what drive the, the increase of, of this part, is because the people, we have more and more people that are enjoying the cars, that are. When you use more the car, clearly you need more spare parts. So this is the reason why we have an increase in, in spare parts. There was also a price increase last year, but the, there was, a, also a clear trend of our client to use more of the cars. For the other three question, Antonio will be very specific. Yeah. With respect to Q4, the R&D tailwind that you mentioned, this is a grant that is related to the development contract that we announced back in 2022, I guess. So yes, there will be other grants expected in future years. ... R&D and ranking altogether account for a bit more than half of the positive change compared to our initial guidance, the latest guidance. Lower cost in 2025, I mentioned, compared to our expectations, okay? So it all ended up being better in terms of industrial cost and even slightly in terms of SG&A. As far as Q4, once again, with respect to Q4, yes, that is obviously compared to Q3, were slightly more benign because they, most of them were based on the 15% rate that was applicable after August 1. I think we have flagged all with this question. Thank you. Maybe just on the, on the spare parts one, could you give a sense of what it represents as a part of the car and spare parts business revenue? It's a good try, Anthony, but we don't share this detail. What I can tell you is that, really, the people are enjoying more and more the Ferrari. The product portfolio is going in that direction to let them enjoy more and more, and thus, they have to buy more spare parts. I would stick to this, really. Okay, I understand. Thank you very much. Thank you, Anthony. Thank you. Now we're going to take our next question. It comes to line of Christian Frenes from Goldman Sachs. Your line is open. Please ask your question. Yeah. Hi, everyone. Thanks for taking my question. Most of my questions have been asked, but two more from my side. Your R&D capitalization ratio was a bit lower than I anticipated. Can you comment a little bit about what we should anticipate going forward for R&D capitalization? Is this the new run rate, or should we think about, you know, longer term mean reversion there? And my second question, just going back to residual values, can you just comment outside of the U.K., just if I understood you correctly, you have not taken any additional actions, right, in terms of addressing softening residual values? Is that the correct understanding? Thank you. The second one, what we said and also in the past and I said a few minutes ago is that in the U.K., the residual value is stabilizing also because we reduced the number of car we gave in that part of the world. This is the action basically that was put in place, is nothing new on this front. For the capitalization ratio, Antonio? Yeah, it actually depends on- Sorry, sorry. Can I just say- Sorry. The question was for outside of the UK, not for the UK. No, no, the action was specific to U.K. There is nothing ongoing- Okay. for the rest of the world. Sorry. Thank you. Yeah, with respect to the capitalization ratio, this very much depends on the overall capital expenditure by year and the development of the expenses for innovation, that, as you know, are mostly related to, significantly related to our racing activity. So it very much depends on that moving part, that in turn depends on the financial regulation from the FIA. I would bet on a relatively stabilization of the ratio going forward. Okay, thank you very much. Thank you. Now we're going to take our next question. Just give us a moment. The question comes from the line of Henning Cosman from Barclays. Your line is open. Please ask your question. Oh, hi. Thank you for taking my question. Congrats on the results. I was hoping to come back to the shape of the plan through to 2030 again. I'm just conscious that you're guiding above 29.5 now, the guide for 2030 is above 30. I'm just wondering what you're seeing in the back half of the plan, because if the top line growth keeps on coming through, I suppose already through the operating leverage, we would expect to be above. So I think you're now seeing 20% personalization, 26.6. I think you might have expected that to decline a little bit sooner. Is it mostly that and the high sensitivity to personalization, because you still think that's gonna go down closer to 19 or something like that later on in the plan, or anything at all? Because I think most of us are sort of wondering, are you now on a steeper trajectory? And, and will you perhaps decline in the in, in the latter half of the plan? Is that at all conceivable? If, if we could just discuss that in, in, in as much, you know, color as you can. Thank you. Thank you, Henning, and also thanks for making the compliment to the team for what has been achieved. Really appreciate it. When it comes to the shape of the plan, I think I understand what you are saying and also other colleague of yours has been asking us before. But I believe it's important that a company is consistent, and it delivers the result with focus and discipline. As I said before to the colleague, if after four months we change the target that we set for 60 months, and I agree with you, we give a threshold. Well, I think that we wouldn't be consistent. I think that... What we have shared with you is what we believe is a threshold that we can deliver to you with confidence. We have been assuming we're making some assumption. I don't think it's time now, after only four months, to change something that will happen in 50, 60 months. It would not be... Sorry, I think that, starting from myself, Antonio, and all the company, we wouldn't be credible if after, you know, a spike in a quarter, then you change the view. So, we thank for the compliment, we thank for the, if you want, the way I see increased confidence in us, but let us work. We focus on discipline, and then if and when we have to change, for sure, it is not after a few quarters, okay? But let us work on this direction, Henning, and we stick to the plan we share with you. Thank you, Benedetto, appreciate that. And can I ask one more on the Luce? Yeah, I think I read an interview with your director of marketing, and I believe the wording was something like: you'll be quite selective, and you'll only give it to people who appreciate it. And I believe what I read into that is that you're gonna be quite sort of restrictive with the number of unit sales. I think we all still remember that you deliberately or explicitly said it's not going to be a special, but I was wondering if we could perhaps talk a bit about, again, if it could be a, you know, a range model, but with quite low unit sales, considering what your colleague said in this interview. No, I think that, okay, Ferrari Luce is the car that we unveiled, the second step last week. What I can tell you, I can guarantee you, is that we will not sell this car to people that do not want the car. I mean, if the people, the client, existing and new, mostly existing, have to buy this car because they love the car, because they desire the car, because this is a car, Ferrari Luce, that is also electric. It's not an electric car. You know what I mean? So if the people, if the client like love the car, and want to buy it, they buy. We will never force our client that to have, let's say, 849 Testarossa or whatever it's gonna be called, the next car, they have to buy an electric car. This has been said loud and clear already to so many clients. It has been shared also with the board of the company, this approach, and it is said also, I said personally, like also the chief of marketing, to several dealers. In these days, the colleagues are having different meetings in Japan, in U.S., in China, and the message, one of the key messages is this: You do not have to force clients to buy something that they don't like. This would be the biggest mistake, and I think we have to learn from what we do wrong and what the market is doing wrong, okay? So that's what I can say, Henning. Yes. Thank you. And sorry, just maybe a very short follow-up. So if you were to discover in the course of the plan that people want combustion engine vehicles a lot more than hybrids or electric vehicles, would you rather sell fewer, but stick to the 40, 40/20? Or is... I suppose Oscar has asked in a way, but I'm trying again. Would you be able to change the 40, 40/20, or would you still go through with that and just sell fewer of them, only to the ones who really want it? I thank you for this question. Maybe what I said in the Capital Market Day, there was a question also about this, and maybe I was not clear. What I said is that today, the visibility we have is 20, 40/40. This is the split in terms of product offering. If something will happen, I think we are a company that has the big benefit to have a small, agile, and nimble, call as you want, and then we may review in 2028, maybe. We see. I think that one important point, and I appreciate you underlining it, that our offering split will be 20, 40/40. So, I think that, when the situation is changing, when the things are, uncertain, I think the company has been always showing in the past that we are nimble, and we are adapting to what is coming. At the end of the story, at the center of what we do, there is only one thing, the client. That's it. Thank you so much, Benedetto. Appreciate it. Thank you, Henning. Thank you. Now we're going to take our next question. The question comes from the line of Nicolai Kempf from Deutsche Bank. Your line is open. Please ask your question. Yeah, good afternoon. It's Nicolai from Deutsche Bank, and also from my side, well done for a strong finish. First question would be also on revenues in Q4, and, do you, can you share how many 499 Modificata you've been sold in the last quarter? Because I think that's also quite an impact on the ASP. And then the second one, a bit more long-term, we've seen a strong rise in revenues per unit. Also, you've stated that the residual values are under control and stable. So, does it make sense to go long-term, a bit more for higher volumes, given that volumes have been down last year and probably flat this year? Thanks. Yeah. No, no, Antonio, you go. No, I was... I, no, I was, sorry, I was laughing with Antonio because I was saying, it's a- we take it as a positive appreciation, as appreciation and more confidence in us, and we want to thank you. I think that, we need to make sure that, we respect the client. As I told before, the client is the most important asset.... And I think we need to make sure that the people, when they own a Ferrari, they feel exclusive, and they, they, they own something that not so many other people can have it. So, we don't disclose the number of the volume, neither at Capital Market Day nor today. I mean, we are a company that is looking at the business with the goal of having a marathon, not a sprint race. And number two, we want to look at the quality of the revenues, not at the volume. So, Ferrari is not a volume business. We are a luxury company. We want to make sure that when the client owns something, a Ferrari, they are sure that not so many other people can have it. And the first one on revenues in Q4, and the 499- Yeah, the 499P Modificata, a few units in Q4, very much in line with the average of the previous quarter. Just have in mind for next year that we'll lower the number of the 499P Modificata in 2026, and this is in our numbers compared to 2025. Understood. Thank you. Thank you. And now we're going to take our next question. Just give us a moment. And the question comes line of Michael Binetti from Evercore ISI. Your line is open. Please ask your question. Hey, guys. Thanks for all the detail here. Appreciate you taking our question, and congrats on a nice, nice fourth quarter from me. Personalization and Formula One, I think those are the two lines that you put in the description of the revenue drivers for 2026 that look a little different from how you were talking about 2026 over the past few months. In the pre-close call, I think you were assuming that personalization would start to move towards that 19% long-term number, and then F1, I think, is now assumed to be higher. Can you maybe just a quick thought on what's changed in the last few months around your assumptions for those two? And then on the order book, Benedetto, I might be reading it wrong, but maybe the description of the length of the order book seems a little bit shorter, and I don't know if that's right. But regardless of whether it is, I'm curious how you're operating it and if there's any changes because you're operating more efficiently or changes in customer preference or experience or just better, faster at personalization. I guess the bigger picture question is, I'm thinking about how much capacity and, in your words, flexibility you added with the E-building. One message that we've heard from some of the dealers and clients is that, you know, some have been on the wait list for a long time for some of the models, like Purosangue. I wonder if perhaps there's some operational improvements that have helped speed some of those things up to look ahead to. Thank you. Thank you, Mike. Yeah, I think that, as I said, the order book is strong and then extends toward the end of 2027. That's what I said today. In the past, we also said that, and you remember well, the e-building guarantees us some flexibility that allows us the possibility to offer more personalization. And you also remember, or, what I told, that, we don't want to be caught anymore by surprise, as it was the case of the Purosangue at the beginning. You remember a couple of years ago, there was a strong demand of some personalization we were not ready for. So what we agreed is to put this capacity in place, so to accommodate swing in the personalization demand, that clearly it's difficult to plan and to foresee. So the for sure, the e-building as our increase the capacity at our some of our supplier for some personalization that we believe can be more appealing, this is helping a lot. Okay? Okay. Ciao, Michael, and with respect to your first question in respect of the revenues from personalization and from racing, I think you are pointing to two areas where our visibility is shorter compared to what we have for cars and parts. Personalization, as we repeatedly mentioned, is usually finalized four to five months before delivery of the car, so it's quite normal that we adjust as we see it. That's why if you compare, for example, then the 20% we are giving you as guidance now with the 19% we may have mentioned previously, and maybe see a difference. The second, similarly, even for the revenues from racing, sponsorship particularly, it obviously depends also on the development of the contract with our partners. And Antonio, just to follow that, given that you don't have a lot of visibility out very far in personalization, but you do assume that it'll come down over the course of the plan to 19%, if your answer is just, like, let's have some conservatism in the guidance, because it's- No, it's not just that. Okay. The ratio depends also on the denominator, so take that into account as well. Is there something in the baseline that just can't move higher? We have peak carbon fiber, or is there something that can't move higher that makes us think that personalization- Nothing on the top line. Nothing on the top line, meaning in terms of what we... We are actually working on personalization to enrich it and to be able to serve our clients better and with diversified product. However, even the car's base is different, and the level of personalization may depend on the mix of cars and on the- Okay ... size of the range from. I think it is also important to add one point. Also, some personalization, clearly we put some capacity in place, but for some personalized items, we don't want to go beyond the limit. Also, because we have always in mind that this story of exclusivity, okay? There are some specific personalization items that it's through increasing capacity, but there are some models that we don't want to personalize all with this, otherwise, we'll be not anymore personalized or special. Let's put it this way. Okay? Okay. It's a choice. It's a deliberate choice. Okay, understood. Thanks again. Appreciate it. Thank you, Mike. Thank you. Thank you. Now we're going to take our next question. The question comes from the line of Michael Filatov from Bernstein. Your line is open. Please ask your question. Hi, thank you for taking my questions. I just wanted to double down on one of the questions asked earlier around some of the assumptions baked into the 2026 guidance around the Luce. Maybe you could speak more broadly about where you expect this to sit regarding with relation to the range models in terms of volumes. And then a follow-up to that is, where do you see white space in terms of your geographic mix? Are there certain regions you feel like you have more room for growth, for example, as you reduce volumes to the UK, where do you see room to shift that volume as we go forward? Thank you. I think that, I don't want to specify which model is it. I think that it's clear that will be a sports car, we said with four doors. In terms of geographic mix, we don't have any... We see, we see interest from people of different regions, so we don't have a specific mix. Clearly, there will be some dealers where we will put more attention also because we, you know, we have 200 dealers, and we don't, we don't want to push all these 200 dealers all together. So we will go also there with focus. But there are, there are, there is interest from people, from client of different geographies. And the car is done to address different geographies. Understood. And just in terms of where you think, you know, volumes could be for the Luce, where it sits in terms of the volume allocation within the range lineup. I know you haven't disclosed what the exact segment will be, but anything around- This is why I think that you can make up your own model. You know what? I think you... There was a similar question in Capital Markets Day, and don't f- if you want to be a true high performance sport car with a lot of high performance over long time, we said in the Capital Markets Day, the battery performance, whatever is the technology in this world at this time, is not such to maintain those performances for a long time. So when we decided which kind of car model we did we wanna do, we considered the limit of the current electric cell battery, and we stick to that. I think this is one bit of information you can use also, and we delivered, we shared with you at the Capital Markets Day. Thank you. Thank you. Thank you so much. Now we're going to take our next question. The question comes from the line of Sam Perry from BNP Paribas. Your line is open. Please ask your question. Hi, thanks for taking my questions. So you've given some guidance on mix of specials over 10% to cumulative to 2030. Can you give any indication of where that could get to in 2026? And then a clarification question. On slide 7, you show the models being phased out. Is that end of production or last sales? I guess I'm specifically talking here about the 296, which is coming from quite high volumes at the moment. Could you expect shipments to continue into maybe the start of 2027, or is that meaning last sales in 2026? Thanks. Hi, Sam. Phase out means phase out, meaning the stop of deliveries. With respect to guidance on mix, there is no specific difference compared to the average guidance for the plan team. Thanks. Thank you. Now we're going to take our next question for today, and it comes from the line of Gianluca Bertuzzo from Intermonte. Your line is open. Please ask your question. Hello, Benedetto, Antonio, and thank you for taking my question. I think I made the same question to you about the Purosangue, and you have been very kind for the answer. But when you think about the Ferrari Luce and the exclusivity, where do you see it playing less than the Purosangue 20%? Any thoughts are helpful. And second one, on geographical perspective, should we expect some positive impact from India lowering the tariffs? Do you see this as an opportunity to improve there? Thank you. Two, India is an opportunity. We want to focus more and more over there. Clearly, it will take some time. Clearly, I mean, the new economic deal between Europe and India is facilitating, but, you know, to develop a market, it is not something that you go from one day to another. In terms of Luce, I would like to, I would like to tell, I mean, I remember that you asked the same question for the story of Purosangue, but at that time also, I told you that it will be something that we will shape at due time in the right way. One of the things when you do luxury products, and I think here we are doing, we are a luxury company, we have to manage properly the information in a way that they are delivered at the right time. Just think about also Luce, the three-phase unveil process. I think this is important, Gianluca, and I'm sure you know, and I'm sure also that you tried your best to model, but I'm sure also you were expecting this kind of answer. Thank you. Yeah. Yeah. I, I tried. Thank you very much for the answer. Thank you. Dear speakers- So this- There are no further questions for today, and I would like now to hand the conference over to Mr. Vigna for any closing remarks. So I would like really to appreciate all of you also for the time we spent. We spent more time. We want to spend too more time together to take all of your question and also to thank dearly for your to follow us. I think that what I would like you to remember is that the year 2025 is a remarkable year. This is the objective that I would like to remember about this year, and this represent and underscore once again the strength of our business model. And with this, we continue to execute our business plan with discipline and confidence. With discipline and confidence, remaining true to our identity, forward-looking, and defined by our will to progress. With this, I would like to wish all of you good morning, good afternoon, and thanks again for your time, for your question, and for all your support. Grazie. This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.